China Minmetals Mining News

Minmetals Resources hunting in Africa

MINMETALS Resources says it will use the assets recently acquired through its takeover of Anvil Mining as the starting point for a wave of acquisitions through southern Africa.

China further entrenched in Africa with Minmetals' Anvil acquisition

In what is being regarded as the first major African mining play by a Chinese company, China Minmetals succeeded Friday in closing its $1.3 billion bid for copper miner Anvil Mining.

China’s Minmetals offer to buy Anvil Mining shares extended to mid February

China’s Minmetals Resources Ltd has, once again, extended its $1.3 billion takeover offer for Africa-focused copper miner Anvil Mining Ltd (TSX:AVM) to Feb. 16. This is the third time that Minmetals offer has been extended since the deal got the go ahead by the Australian Foreign Investment Review Board, last October.

Polish KGHM eyes takeovers with China Minmetals

Europe's No.2 copper producer, KGHM, may make joint acquisitions with China Minmetals Corporation, KGHM Chief Executive Herbert Wirth said on Wednesday.

Hungry for more acquisitions, Minmetals turns to nickel

Minmetals is not finished acquiring companies to add to its stable of base metal mines, according to Bloomberg. The state-run Chinese miner, with operations in Australia and Laos, a month ago snapped up Anvil Mining for $1.3 billion, thus expanding its reach into Africa. Anvil’s key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Bloomberg reports the firm is planning more takeovers because it needs to extend the life of its mines and boost valuations. Minmetals' stock is undervalued compared to other comparable raw materials producers and consummating more deals would help raise its valuation, says the story, quoting a manager at First Asset Investment Management Inc.:

Minmetals zinc output drops by 13pct

Bloomberg reported that Minmetals Resources Limited zinc production fell 13% in the Q2 because of lower grades at the Golden Grove mine in Western Australia.

Minmetals to receive $150.4m for Equinox stake sale

Minmetals Resources Ltd , a unit of China state-run China Minmetals Corp, said it would net $150.4 million from the sale of its entire stake in Equinox Minerals Ltd after it withdrew its its bid for the Africa-focused copper miner. In a filing to the Hong Kong bourse late on Thursday, Minmetals said it had disposed of all its 37.27 million shares in Equinox on May 25 for about $310.5 million under an offer by Barrick Gold Corp .

Equinox shares jump in Australia after Barrick bid

Shares in Equinox Minerals (EQN.AX) jumped 7 percent in Australia on Wednesday after the copper miner accepted a $7.7 billion takeover offer from the world's largest gold miner, Barrick Gold (ABX.TO).

Minmetals rejects bidding war after Barrick's C$7.32bn offer for Equinox

hina's Minmetals Resources announced Tuesday, "Following the announcement yesterday by Equinox that it will recommend that its shareholders accept an offer it has received from Barrick Gold Corporation of C$8.15 per share, MMR has decided not to pursue its planned bid for Equinox."

Barrick announces agreement to acquire Equinox

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has entered into a support agreement with Equinox Minerals Limited (TSX:EQN)(ASX:EQN)("Equinox") for Barrick to acquire, through an all-cash offer, all of the issued and outstanding common shares of Equinox (including the shares represented by Equinox's CHESS Depositary Interests) by way of a friendly take-over offer (the "Offer"). The Offer is for C$8.15 per Equinox share in cash, or a total of approximately C$7.3 billion. The Offer represents a 30% premium based on Equinox's closing share price on the Toronto Stock Exchange on February 25, 2011 (the last trading day before Equinox announced its intention to make a take-over bid for the common shares of Lundin Mining Corporation).

IFR reports Minmetals raised $499m from a share placement

China's Minmetals Resources Ltd will raise $499 million from a share placement, IFR reported on Tuesday. The new shares were sold at HK$5.10 ($0.66) each, below the indicative price range of HK$5.20-$5.60, translating to a discount of approximately 13.4 percent to the last traded price, IFR, a Thomson Reuters publication, citing sources said.

China Minmetals constructs copper mine

China Minmetals plans to begin the construction of its US$1 billion Galeno copper mine in Peru in 2010, with production expected to commence in 2012.